OECD: Lots more to do

I meant to post on this earlier in the week, but better, perhaps, than never.

In March 5th's Sunday Business Post, Dan O'Brien summarises the findings of the OECD's latest assessment of economic policy-making in Ireland. The report recognises and applauds the economic growth of the recent past. For more than a decade, after all, Ireland has been the OECD's star performer in growth terms. The report notes that the additional wealth-creating capacity has, in O'Brien's words, "benefited the poor most". But, on other counts, the verdict is less complimentary. Two and a half years ago, the OECD recommended 24 specific measures of structural reform: only has been fully implemented, 11 have been partially implemented. Five years ago, in a report launched by the Taoiseach, Tanaiste and then Minister for Finance, the OECD recommended 20 specific regulatory reform measures to increase price competition. Only four have (or are set to be) achieved; on 13, no action has been taken.

I will say no more for now, except to encourage readers to have a look at the report itself. It is available here.